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EQT (EQT) investor relations material
EQT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Strong H1 performance with exit volumes more than tripling year-over-year, driven by €13bn in exits and robust fundraising, including EQT Infrastructure VI closing at €21.5bn and BPEA IX reaching $11.4bn.
Fundraising assets under management (FAUM) rose to €141bn as of June 2025, with key funds performing on or above plan and resilient exit activity despite market volatility.
CEO transition completed, with Per Franzén appointed and leadership focused on organizational agility, value creation, and strategic growth.
Private wealth offerings expanded to 20+ countries, with new evergreen vehicles and broadened distribution.
Inclusion in OMX Stockholm 30 Index as of July 2025, now among the largest Swedish companies listed.
Financial highlights
Adjusted revenue for H1 2025 was €1,340m, up 23% from €1,088m in H1 2024; adjusted EBITDA reached €806m, margin 60%.
Fee-generating AUM increased to €141bn, with gross inflows of €15bn in H1 2025.
Realized returns: 2.3x weighted average across key funds over the past twelve months.
Management fees effective rate at 1.41%, with a material step-up expected as new funds activate.
Carried interest and investment income rose to €191m in H1, up from €41m in H1 2024.
Outlook and guidance
Targeting ~€100bn in new fundraising during the current cycle, with 60-85% from institutional investors and 15-40% from private wealth.
Fee-related EBITDA margin target of 55%+ at completion of the fundraising cycle, underpinned by ongoing fundraising and scaling initiatives.
Next step-up in management fees expected as new funds are activated in 2026, with full-year effect in 2027.
Total OpEx growth rate expected to be single digits in 2026, reflecting efficiency measures.
Focus remains on scalable growth, operational efficiencies, and expanding presence in Asia and the US.
Next EQT earnings date

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